Core Insights - The company reported robust financial results for 2025, with sales of €56.9 billion, a slight increase of 0.2% year-on-year, and a record free cash flow of €1.8 billion, marking growth for the third consecutive year [3][5][8]. Financial Performance - Sales for 2025 were €56,877 million, compared to €56,752 million in 2024, reflecting a 0.2% increase [3][62]. - Current operating profit from activities (COPA) rose to €2,655 million, an increase of €120 million year-on-year, with a margin from activities improving to 4.7% [3][62]. - Net profit attributable to the Group was €1,138 million, up €80 million from 2024, despite a €69 million exceptional income tax surcharge for large companies in France [3][5][62]. - The company achieved a significant reduction in net debt, which decreased by €1,862 million to €4,204 million by the end of December 2025 [5][38]. Cash Flow and Dividends - Free cash flow before working capital requirements (WCR) reached a record high of €1,808 million, reflecting strong cash generation across all business segments [5][8]. - The Board of Directors proposed a dividend of €2.10 per share for FY2025, representing a 5% increase compared to 2024 [7]. Business Segment Performance Construction Division - The Construction Division reported sales of €27.8 billion, up 1% year-on-year, with a current operating profit from activities of €982 million, an increase of €155 million [19][20]. - The backlog in the Construction Division stood at €32 billion at the end of December 2025, slightly down by 1% year-on-year [13][14]. Equans - Equans recorded sales of €18.7 billion in 2025, down 2% year-on-year, but achieved a COPA of €820 million, up €140 million from the previous year [22][23]. - The backlog for Equans was stable at €25.4 billion, with an order intake of €18.3 billion [21][22]. Bouygues Telecom - Bouygues Telecom's sales increased to €8.1 billion, up 4% year-on-year, with a current operating profit of €674 million, down €121 million from 2024 [29][31]. - The total fixed customer base reached 5.4 million, with 4.7 million FTTH customers, reflecting strong growth in the fixed segment [25][60]. TF1 Group - TF1 Group reported sales of €2.3 billion, down 3% year-on-year, with a COPA of €252 million, a decrease of €45 million [34][37]. - The audience share for TF1 increased to 34.5% in the WPDM 50 category, up 1 point year-on-year [33][61]. Outlook - The company aims for stable sales in 2026, with a focus on maintaining profitability and cash generation across its diverse business segments [8][10]. - The Construction Division is expected to continue benefiting from a strong backlog, while Bouygues Telecom anticipates challenges in the linear advertising market [10][12].